(Bloomberg) -- U.S. equities are rallying in a vacuum of money flows, which some strategists and traders say is a sign of losses to come.

In the week through Wednesday, $7.2 billion was pulled from U.S. stock funds, the ninth withdrawal in the last 10 weeks, according to data compiled by Bank of America Corp. and EPFR Global. At the same time, the S&P 500 Index has climbed 3.8 % from a low in March and the Nasdaq has jumped to a record.

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